Question

A and B forma partnership without any partnership agreement. Afterthe
end of first year of in partnership. A draw the following profit and Loss Appropriation
Account:
Profit and Loss Appropriation Account Cr.
Particulars
Amount Particulars
Amount
24,000
7,800
To Salary to:
4,800
3,000
To Interest on Capital
@ 6%A 2.400
1.200
To Commission to
A To Profit
transferred to:
6,000
B
4,000
By Profit &
Loss A/C
(Net
Profit)
By interest on
Drawings:A 250
150
400
3,600
3,000
10,000
You are required to point out any contravention of the law, found in above account and
draw it in proper manner.
​

Answer 1

balance of Rs. 2000

on 31st March 2016. On reconciling the following facts

were noticed :

4

1.

Cheque Rs. 500 deposited into the bank was

not collected & credited till 31st March.

2.

Cheque issued for Rs. 300 was not presented

to the bank for payment till 31-3 - 16.

3.

Interest credited by bank 30 Rs

Answer 2

Answer:

balance of Rs. 2000

on 31st March 2016. On reconciling the following facts

were noticed :

4

1.

Cheque Rs. 500 deposited into the bank was

not collected & credited till 31st March.

2.

Cheque issued for Rs. 300 was not presented

to the bank for payment till 31-3 - 16.

3.

Interest credited by bank 30 Rs